S&P 500

Yesterday when summarizing the Fed's action we said that in its latest dovish announcement which has sent the USD to a five month low, the Fed clearly sided with China which desperately want a stronger dollar to which it is pegged (reflected promptly in the Yuan's stronger fixing overnight) at the expense of Europe and Japan, both of which want the USD weaker.

ECB, BOJ don't want a weak dollar; China does not want a strong dollarFed sides with China for now

— zerohedge (@zerohedge) March 16, 2016

Watching the markets' reaction and listening to Yellen's incomprehensibe drivel brought to mind two Gladiator clips...

Pre-Fed...

and Post-Fed...

http://www.youtube.com/watch?v=FsqJFIJ5lLs

Market breadth momentum contonues to weaken as the S&P 500 grinds higher, setting up a bearish outcome similar to the early November 2015 top. As BofAML's Stephen Suttmeier warns a break below channel support at 1989 would signal an interim top.

Submitted by David Stockman via Contra Corner blog,

Talk about sheep being led to the slaughter. The S&P 500 is up 11% from its February 11th intra-day low (1812) because Wall Street still has inventory to unload. That much is par for the course.

Today Janet Yellen and the FOMC will go back to square one and try to reset global expectations unleashed by the ill-fated December rate "policy mistake" hike, when at 2pm the Fed will announce assessment of the economy (even if not rate hike is expected today) followed by Yellen press conference half an hour later.